But the Central American nation stands out most go to website of all for its pensioner residence programme. In addition to offering discounts on real estate loans, entertainment and medical expenses for pensioners, the programme simplifies the immigration process for them. "In the past year, Panama has introduced new visas, which make it easier to gain residence there," notes the magazine's executive editor, Jennifer Stevens. She also points out that "the country has made major advances in infrastructure" recently. A total of 24 countries are listed in the magazine's ranking, which is based on the analysis from its correspondents around the globe.
a style="clear:both">Panama named best place to retire, Malaysia claims third spot
20. The consortium, which says it has run out of cash to fund construction, said in a statement that the Panama Canal Authority should put in $400 million in order to keep searching for a long-term solution. The canal's authority rejected that offer. "We reiterate our openness and willingness to come up with an amount based on the terms of the contract and considering what was discussed today (Tuesday)," the Panama Canal Authority said in a statement. The consortium is comprised of Spain's Sacyr Vallehermoso, Impregilo of Italy, Jan De Nul of Belgium and Constructora Urbana SA of Panama. It says unexpected problems with the quality of material supposed to be used to make cement spawned massive overruns, and blamed the canal authority for carrying out insufficient geological studies before work began. Tuesday's meeting was the first between the authority and the consortium.
Panama offers $283 mn fund to end canal spat
"If they don't accept the proposal and they don't withdraw the work suspension threat, then we would take the next step to terminate the contract, if necessary," canal administrator Jorge Quijano said after two hours of negotiations with the companies. The Panama Canal Authority said it was ready to provide $183 million while the Grupo Unidos por el Canal (GUPC) consortium, led by Spanish builder Sacyr, would have to contribute $100 million. The consortium has threatened to suspend the expansion work by January 20 unless Panama pays for $1.6 billion in extra charges. The authority's proposal "does not mean that everything is resolved," Quijano said, adding that the GUPC will study the offer but that officials want to find a long-term solution. The two parties may meet again later Tuesday or in the next few days. "We have to wait and see how they respond," he said. "We can't wait too long." The negotiations began after Spanish Public Works Minister Ana Pastor held separate meetings on Monday with Panamanian President Ricardo Martinelli, company executives and canal officials.
Panama tries to calm global concerns over canal expansion impasse
Last week, the consortium, which also includes Belgium's Jan De Nul and Panama's Constructora Urbana, said it had faced the added costs due to unforeseen setbacks in the $3.2 billion section of the project to build the new locks. The group said flawed geological studies carried out by the authority were responsible for the cost overruns. The authority has not yet responded. U.S. diplomatic cables published by Wikileaks showed the government of Panama President Ricardo Martinelli was worried about progress before six months had passed. Sacyr won the canal contract in 2009 with an offer considerably below the main rival bids and also below the $3.48 billion reference set by the canal authority. Sacyr, whose debts at the end of September were three times its market capitalization, made 55 percent of its revenue outside Spain in the first nine months of 2013.
Panama Canal refuses to pay $1 billion more for expansion work
Meeting in Panama City on Monday, Spanish Public Works Minister Ana Pastor and Martinelli agreed that necessary talks to reach a solution could be held without having to stop work on widening the canal. The GUPC consortium last month threatened to stop the project on January 20 unless it was paid $1.6 billion (around 1.2 billion euros) in overrunning costs. In the United States, several coastal cities my website along the Gulf and Eastern Seaboard have expanded and modernized their ports in anticipation of the increase in cargo that is expected to be carried by wider ships through an expanded canal when the project is finally completed in June 2015. Work on the expansion began in 2009. An enormous amount http://www.savingsdaily.com/post/michael-jordan-gripe-juego-vender-zapatos-para-registro-104-765 of ships with larger capacities are being built to be able to pass through the canal, and dredging is already taking place at ports so they can receive these vessels, Martinelli said Monday. GUPC which comprises Sacyr Vallehermoso of Spain and Impregilo of Italy as majority partners, and Jan De Nul of Belgium and Constructora Urbana of Panama as minor partners won the contract to expand the canal in 2009 after submitting a $3.11 billion bid.